Australia
Personal Loans in Australia 2026: How to Compare Rates, Fees and Loan Types
The comparison rate is the only number that matters, and secured versus unsecured changes it by half.
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- Comparison rate
- Rate plus fees, annualised
- Secured vs unsecured gap
- Several points
- Typical unsecured rate
- 7%-20%
- Regulator
- ASIC, NCCP Act
Use the comparison rate, always
It folds establishment and ongoing fees into one figure. A 6.9% rate with a $400 fee is frequently beaten by a 7.4% rate with none.
Secured loans price much lower
Pledging a car cuts the rate sharply because the lender has recourse. The trade is that the asset is at risk on default.
Fixed is the norm for good reason
Most personal loans are fixed, so the payment never moves. Variable loans can look cheaper and then climb with the cash rate.
Early repayment rights
Most loans allow extra repayments, some charge a fee. Confirm before signing if you plan to clear it early.
FAQ
What is a comparison rate?▾
Rate plus fees, required by ASIC to be shown alongside the headline rate.
Are secured loans always cheaper?▾
Yes on rate, but the asset is at risk.
Can I overpay?▾
On most loans, sometimes with a fee.
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